Today’s Market Outlook:
Today, the S&P 500® dropped by nearly 5 points for its first loss in five trading sessions albeit with below-average trading volume and range. The intermediate line remains strongly bullish with long-term Market Sentiment also finishing slightly lower inside the upper-reversal zone. The momentum line stayed in the chart’s lower half and re-entered bearish territory as the near-term line crossed below the 80th percentile. The near-term line for the Russell 2000® stayed at extremely bullish levels as the momentum line dropped to the chart’s midpoint. Despite the weak short-term sentiment, the intermediate line crossed above the 50th percentile and it making its way towards the declining Market Sentiment line.